Solved: Amt adjustment due to limitations on itemized deductions, Accounting Basics

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Amt adjustment due to limitations on itemized deductions

Problem:

Sharon, a single taxpayer, has taxable income of $100,000, a regular tax liability of $26,560, a positive AMT adjustment due to limitations on itemized deductions of $20,000, and tax preferences of $25,000 in 2006. What is Sharon's AMT for 2006? Can you please show me step by step how this is calculated?

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Accounting Basics: Amt adjustment due to limitations on itemized deductions

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Accounting Basics: Amt adjustment due to limitations on itemized deductions

Reference No:- TGS01935450

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